(Total marks: 30 marks) Q3/ Consider the following data of Kong Kong (KK) economy in 2022: (in millions) Private consumption expenditure $750,000 Gross domestic Fixed Capital Formation $290,000 Government purchases of goods & services $100,000 Government welfare payment $50,000 Government Gross tax revenue $80,000 Government expenditure $150,000 Change in inventories $(60,000) Total profits $200,000 Total inventories $500,000 Total exports $1,400,000 Total exports of services $200,000 Total imports of goods $1,300,000 Total imports of services $60,000 Total population 7,450,000 Total adult population 5,500,000 Total labour force 3,900,000 Total unemployed person 230,000 Total underemployed person 120,000 Show your calculation as below. (a) Using the expenditure approach, calculate the KK economy's nominal GDP in 2022. (b) If GDP deflator of KK economy is 130 in 2022. Calculate the real GDP of the KK economy in 2022. (c) Calculate the real GDP per capita in 2022. If the real GDP per capita in 2021 is $100,000, then the living quality in 2022 is better off than 2021. Do you agree with the above statement? Explain your answer. (d) What is the unemployment rate and underemployment rate in 20227 (e) What is the Labour force participation rate? (f) Is the KK government running a budget surplus? What is the amount of budget surplus/deficits in 2022? (g) What 1s the amount of net export? Is KK now experiencing a trade surplus in 20227 ~the end~